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Valuation of Unlisted Direct Investment Equity.
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally app...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington :
International Monetary Fund,
2009.
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| Colección: | IMF Working Papers.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Valuation of Equity; A. Equity Valuation Theory; Absolute Valuation Models; Relative Valuation Models; B. Valuation in International Macroeconomic Statistical Manuals; C. Issues Related Particularly to Valuation of Unlisted Equity; III. Study Design and Data; A. Selection of Valuation Methods; B. Estimation Techniques; C. Data; IV. Empirical Modeling of Market Value Estimates; A. Estimation of Regression Models; B. Estimation of Valuation Multiples; C. Discussion of the Estimated Valuation Models.
- V. Application of Models to the Danish International Investment PositionVI. Conclusion and Recommendations; Annex 1: BPM6-Recommended Valuation Methods; (A) Recent Transaction Price; (B) Net Asset Value; (C1) Present Value of Earnings; (C2) Price to Earnings; (D) Price to Book Value; (E) Own Funds at Book Value (OFBV); (F) Apportioning Global Value; Annex 2: Issues Related Particularly to Valuation of Unlisted Equity; Illiquidity Discounts; The Value of Control; Treatment of Negative Positions; Annex 3: Model Assumptions; Annex 4: Practical Estimation Considerations.
- Annex 5: Descriptive Statistics for Unlisted Direct Investment EnterprisesAnnex 6: Practical Advice for Compilers; VII. References; Footnotes.